London kids 'biggest savers'

London-based children have the highest average savings balances in the whole of the UK, new research has found.

According to the Halifax Children's Savings report, six of the ten local authorities found to have the highest average savings balances in youngsters' accounts are situated in the capital.

Nitesh Patel, economist at Halifax, said: "There are wide variations in children's savings balances between regions, with generally higher balances in Greater London and the South East compared to the north of England and Scotland."

The economist added encouraging children to save from an early age could play an important part in their futures.

People living and working in the capital may also be keen to save money and could find they achieve this goal by choosing flats to rent in Fulham or another part of London, rather than buying in the same area.

This is because house prices in the city are typically higher than elsewhere in the country, so by renting, people could find themselves saving valuable money by not taking on a mortgage.

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